UNIVERSAL INSURANCE notifies the Exchange on delay in Filing its Q1 2019 reports

SAHCO enlisted on the main board of the Exchange

Market Summary

The Influx of news on Dangote Flour Mills Plc and the potential listing and restructuring of MTN Nigeria, inundated most analysts and investors’ opinion on the Customs street, yesterday.

On Tuesday, DANGFLOUR notified the Exchange of its consideration to receive a binding offer from Olam international limited to acquire the enterprise value at N130billion which is largely
subject to the extant laws and approvals for acceptance. However, the stock went on total bid, yesterday, appreciating by as much as 20% in two consecutive trading sessions this week. This development is despite the caveat in the disclosure that investors should trade with
caution.

Elsewhere, MTN Nigeria announced that it has changed its legal status from a private limited company (Ltd) to a public limited Company(Plc), in a bid to reaffirm its commitment to its listing
by introduction on the Exchange. Thus, this is expected to increase the depth of the Nigerian equities market and reduce its degree of skewness to the industrial and banking sectors
counters.

That said, the NSE All Share index remained inert to likely positive drives that could be hidden in the news and financials of the listed companies, as its dipped -0.58% to end below the psychological line at 29,898.31. The market cap lost N66.78billion upon significant sell-offs in TRANSCORP and WAPCO, just as OANDO, WEMABANK, MOBIL, DANGCEM, UACN, and STANBIC shed their previous gains to end in the negative territory.

However, JAPUALOIL, FIRSTALUM, UCAP, UBA, ACCESS, and FBNH have continued to maintain trends in the north while bargain hunters pushed AIICO, FIDELITYBK, FLOURMILL, GUARANTY, and AFRIPRUD in the bull market from the previous losses recorded.

Meanwhile, the level of activities by volume and value traded dropped -3.56% and –
2.7.83% to finish at 304.86million and N2.630billion apiece.

Review of Sectoral Performance

The financial sectors escaped the bears as the Banking sector and Insurance
indexes rose fractionally by 0.93% and 0.79% to close at 388.10 and 120.73, following the buying interest in REGALINS 8.33%, AIICO 5.63%, WAPIC 2.50%, UBA 2.1%, ZENITHBANK 2.15%, and UNITYBANK 2.5%, among others.

On the decliners’ table, Oil and gas sector dipped the most by -3.61% due to sell
pressure in CONOIL -9.57%, OANDO -5.88%, SEPLAT -4.39% and MOBIL -2.72% while
industrial and Consumer goods indexes dipped -0.70% and -1.10% upon the
depreciation recorded in INTBREW -8.70%, NESTLE -1.90%, WAPCO -1.31% and
DANGCEM -0.94%.

Investors Sentiment: The Market breadth closed positive at 1.86x

Investors sentiments remained strong in the lightweight counters thereby seeing the
breadth uptrends, but the depreciation in heavyweight counters; DANGCEM, NESTLE,
MOBIL and SEPLAT weighed on the benchmark index. We expect still positive interest in the banking sector in the meantime.

About MorganCapital

MorganCapital Securities Limited (“MorganCapital”), formerly known as International Capital Securities Limited,
was incorporated on 28th January, 1997; and was issued a license as a Dealing Member of the NSE on 3rd October,
1997, after obtaining license of the Securities & Exchange Commission (SEC) as a Broker/Dealer.

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